Gediktepe Enriched Ore Treatment Project & Proposed Fundraise

LONDON, Nov. 11, 2025 /PRNewswire/ -- ACG Metals Limited (LSE:ACG) (LSE:ACGW) today announces the completion of a scoping level study to treat existing enriched ore at the Company's Gediktepe mine in Türkiye (the "Enriched Ore Treatment Project"). This will involve the construction of a new comminution and Sulphidisation, Acidification, Recycling, and Thickening ("SART") plant that will process existing stockpiles and enriched ore, both of which would otherwise be classified as waste, to produce gold, silver, copper and zinc. The Enriched Ore Treatment Project is expected to produce an additional 57kt CuEq, over 2026-2030 with no impact on the existing oxide plant or construction stage sulphide plant.

Highlights

• The Enriched Ore Treatment Project is expected to deliver attractive economics and at a low capital cost to the Company. Key expected financial metrics of Phase 1 and Phase 2 of the Enriched Ore Treatment Project from the internal scoping-level study include[1]:
  • Estimated to generate a total revenue of US$562 million, total EBITDA of US$465 million, and total free cash flow of US$317 million over the life of the project
  • Deliver production of 57kt of copper equivalent (29kt copper, 71koz gold, 1,894koz silver and 7kt zinc) through the life of the project
  • After-tax NPV8% of US$212 million and an IRR of 185% at consensus pricing
  • Estimated development capital cost of US$39 million resulting in an NPV/ development capex ratio of 5.4x
• The Enriched Ore Treatment Project is expected to be a two-phase project starting with Phase 1, which will process stockpiled ore from the original construction of the mine to produce gold and silver, targeting commercial production in Q4 2026 for immediate cash flow. Phase 2 will follow later, processing enriched ore to expand production to include copper and zinc, with commercial operations targeted by Q1 2029

• The Company has begun the permitting process for the Enriched Ore Treatment Project and it is currently expected that it will be received in 2026
• While the Company has sufficient internal cash resources to fully fund the Enriched Ore Treatment Project, the Company is today launching a capital raise to give new and existing institutional and retail investors an opportunity to participate in the next stage of the Company's growth trajectory and to improve liquidity in the Company
• The Company intends to raise gross proceeds of up to approximately US$15.5 million (equivalent to approximately £11.8 million)[2] through a non-pre-emptive placing and a separate retail offer of new class A ordinary shares in the Company ("Ordinary Shares") at an issue price (the "Issue Price") of £10.80 per new Ordinary Share (together, the "Fundraise") to part-fund the Enriched Ore Treatment Project
• The Fundraise will consist of:
  • a placing of new Ordinary Shares (the "Placing Shares") with new and existing institutional investors to raise gross proceeds of approximately US$15.0 million (approximately £11.4 million) (the "Placing"); and
  • a retail offer through Retail Book Limited ("RetailBook") for new Ordinary Shares (the "Retail Offer Shares" and, together with the Placing Shares, the "Offer Shares") to raise gross proceeds of approximately US$0.5 million (approximately £0.4 million) (the "Retail Offer")

• The Issue Price of £10.80 per Offer Share represents a discount of approximately 6.1 per cent. to the closing price of £11.50 per existing Ordinary Share on 10 November 2025 (the latest practicable date prior to this announcement)
• The Issue Price of £10.80 per Offer Share represents a premium of approximately 0.4 per cent. to the volume-weighted average price of £10.76 per existing Ordinary Share for the 10-day period ended 10 November 2025
• The net proceeds from the Fundraise will part fund Phase 1 (as defined below) development capex and be utilised, alongside internal cash resources, to fully fund the US$39 million Enriched Ore Treatment Project development capex

Artem Volynets , Chairman and Chief Executive Officer of the Company, commented:

"ACG continues to deliver strong operational improvements, with the Enriched Ore Treatment Project representing one of our most significant advancements. This project, which enables the processing of material previously considered waste, showcases the ACG team's exceptional technical capabilities. With a relatively small investment, we plan to achieve outstanding financial returns – generating free cash flow eight times the development capex required and adding more than $200m to the company's NAV.

We are happy to share this massive value creation with new investors who align with our vision of building a leading copper producer."

Background to and reasons for the Fundraise

Since the acquisition of the Gediktepe mine in September 2024, the Company has made strong operational progress both in terms of its organic development plans and its existing operations.

On 4 November 2024, the Company announced the Sulphide Expansion Project which will facilitate the mining and processing of sulphide ore in addition to the oxide ore currently being mined and processed at the Gediktepe mine. The processing of sulphide ore enables the Company to transition into a long-life, low-cost copper producer. The Company has made good progress in respect of the project which remains well within its scheduled budget and milestones, with 58% of engineering design and draft, 56% of procurement and 27% of process plant construction completed. The project is expected to reach full commercial production by the end of H1 2026.

Additionally, the Company has streamlined its existing operations at the Gediktepe mine and, on 15 July 2025, announced an upgrade in production guidance for FY2025 from 30-33koz to 36-38koz AuEq, driven by strong operational improvements, including higher gold and silver recoveries. The Company has also shown disciplined cost management with AISC currently remaining within guidance at US$1,131/oz AuEq.

The Enriched Ore Treatment Project

The Company's technical team has worked on a low-risk and low-cost plan to unlock value from the estimated 3.3 million tonnes of previously mined stockpiled ore and un-mined enriched ore that was marked as waste in the original mine plan. The Enriched Ore Treatment Project will use a proven technological solution to unlock this value. Through the SART process, cyanide is regenerated, enabling high-yield recovery of base and precious metals from complex ores unsuitable for flotation.

SART is a proven and reliable technology with the first commercial plant commissioned in 2007 to recover gold from copper enriched ores. The process has successfully added additional metal production streams, lowered costs and improved recoveries at those operations. There are over a dozen SART plants currently operating globally, operated by some of the largest mining companies in the world including Newmont Corporation at Yanacocha and Torex Gold Resources Inc. at El Limón Guajes.

The Company has begun the process of permitting the Enriched Ore Treatment Project and it is expected that full permitting will be received in 2026. The project consists of two phases. In the first phase, stockpiled ore will be processed to produce gold and silver for immediate cashflow, with commercial production targeted in Q4 2026 ("Phase 1"). In the second phase, enriched ore will be processed to produce gold, silver, copper and zinc with first production targeted in Q4 2028 and commercial production by Q1 2029 ("Phase 2"). The Company has begun certain engineering and permitting workstreams which are required to be completed prior to the commencement of Phase 1.

Expected Enriched Ore Treatment Project Economics [3]

NPV & IRR Sensitivity²

Consensus Pricing [5]

Use of Proceeds

The Enriched Ore Treatment Project has an expected development capital expenditure of US$39 million, with Phase 1 estimated to cost US$29 million[6] and Phase 2 expected to cost US$10 million. The net proceeds from the Fundraise will be utilised to part-fund Phase 1 of the Enriched Ore Treatment Project, alongside internal cash resources. The Company intends to fund Phase 2 entirely using its internal cash resources.

Details of the Fundraise

The Placing will be conducted through an accelerated bookbuild which will be launched immediately following this Announcement and will be made available to new and existing eligible institutional investors (the "Bookbuild"). Stifel Nicolaus Europe Limited ("Stifel"), Canaccord Genuity Limited ("Canaccord") and Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg") are acting as joint bookrunners (the "Joint Bookrunners") in respect of the Placing. The Joint Bookrunners may close the Bookbuild at any time thereafter.

The directors value the Company's retail investor base and believe that it is appropriate to provide retail investors with an opportunity to participate in the Fundraise alongside institutional investors. Therefore, concurrently with the Placing, there will be a separate offer by the Company on the RetailBook platform of Retail Offer Shares at the Issue Price to raise gross proceeds of approximately US$0.5 million (approximately £0.4 million) to provide retail investors in the UK only with an opportunity to participate in the Fundraise. The Retail Offer is not made subject to the terms and conditions of the Placing set out in Appendix 1 to this Announcement, and instead a separate announcement will be made shortly regarding the Retail Offer and its terms. For the avoidance of doubt, the Retail Offer is not part of the Placing and is the sole responsibility of the Company. The Joint Bookrunners have no responsibilities, obligations, duties or liabilities (whether arising pursuant to any contract, law, regulation, or tort) in relation to the same. The Placing is not conditional on the Retail Offer. There can be no guarantee that the Retail Offer will be fully subscribed. The Retail Offer is conditional on, but is not part of, the Placing.

The Retail Offer is expected to close at 4:45 p.m. (London time) on 12 November 2025, but may be closed earlier or later at the discretion of the Company. The results of the Retail Offer will be announced as soon as practicable following the close of the Retail Offer.

Together, the total number of Offer Shares is not expected to exceed 5.0 per cent. of the number of current issued Ordinary Shares.

The timing of the close of the Bookbuild as well as allocation of the Placing Shares are at the discretion of the Joint Bookrunners and the Company. The results of the Placing will be announced as soon as practicable following the close of the Bookbuild.

The Joint Bookrunners have today entered into an agreement with the Company (the "Placing Agreement") under which, subject to the conditions set out therein, the Joint Bookrunners as agents, for and on behalf of, the Company has agreed to use their respective reasonable endeavours to procure subscribers for the Placing Shares at the Issue Price. The Placing is subject to the terms and conditions set out in Appendix 1 to this Announcement.

The Offer Shares will, when issued, be credited as fully paid and rank pari passu in all respects with the existing issued Ordinary Shares of the Company, including, without limitation, the right to receive all dividends and other distributions declared, made or paid after the date of Admission (as defined below).

Applications will be made for the Offer Shares to be admitted to listing in the equity shares (transition) category of the Official List of the Financial Conduct Authority (the "FCA") (the "Official List") and to be admitted to trading on the main market for listed securities of London Stock Exchange plc ("London Stock Exchange") (together, "Admission"). It is anticipated that Admission will become effective, and that dealings in the Offer Shares will commence, at 8.00 a.m. (London time) on 14 November 2025. The Fundraise is conditional upon, among other things: (i) the Placing Agreement not being terminated in accordance with its terms; and (ii) Admission becoming effective by 8.00 a.m. (London time) on 14 November 2025 (or such later time and/or date as the Company and the Joint Bookrunners may agree, being not later than 8.00 a.m. (London time) on 21 November 2025).

Appendix 1 to this Announcement (which forms part of this Announcement) sets out further information relating to the Bookbuild and the terms and conditions of the Placing. By choosing to participate in the Placing and by making an oral or written and legally binding offer to subscribe for Placing Shares, investors will be deemed to have read and understood this Announcement in its entirety (including the Appendices) and to be making such offer on the terms and subject to the conditions in it, and to be providing the representations, warranties, agreements, confirmations, acknowledgements and undertakings contained in the Appendix.

Grant of Options

In line with the terms set out in the Re-Admission Prospectus dated 7 August 2024, the Company:

1. on 19 December 2024 granted 58,332 options over Ordinary Shares under the ACG Equity Incentive Plan ("EIP") to Damien Coles, the Chief Legal Officer; and
2. has agreed to grant Peter Carter (or a personal services company acting on his behalf) a share award under the EIP in the form of an option over 66,666 Ordinary Shares.

 Further on 15 February 2025, the Company granted Impact Investments LLC, which Michael Pompeo is an Executive Chairman and 50 per cent. shareholder, and with whom the Company has a strategic partnership, options over 216,592 Ordinary Shares. 

 The options vest equally in three tranches on 16 October 2025, 16 October 2026 and 16 October 2027and are subject to certain conditions.

The person responsible for the release of this information on behalf of the Company is Artem Volynets, Chairman & Chief Executive Officer.

For further information please contact:

Palatine
Communications Advisor
Conal Walsh / James Gilheany / Kelsey Traynor / Richard Seed
[email protected]

Berenberg
Joint Broker and Joint Bookrunner 
Jennifer Lee / Patrick Dolaghan / Ivan Briechle Sanz
+44 (0) 20 3207 7800

Canaccord
Joint Broker and Joint Bookrunner
James Asensio / Charlie Hammond / Sam Lucas
+ 44 (0) 20 7523 8000

Stifel 
Joint Broker and Joint Bookrunner
Ashton Clanfield / Varun Talwar
+44 (0) 20 7710 7600

About the Company

ACG Metals is a company with a vision to consolidate the copper industry through a series of roll-up acquisitions, with best-in-class ESG and carbon footprint characteristics.

In September 2024, ACG successfully completed the acquisition of the Gediktepe Mine which is expected to transition to primary copper and zinc production from 2026 and will target annual steady-state copper equivalent production of 20-25 kt. Gediktepe sold 57koz of AuEq in 2024.

ACG's team has extensive M&A experience built through decades spent at blue-chip multinationals in the sector. The team brings a significant network as well as a commitment to ESG principles and strong corporate governance. 

LON: ACG  |  OTCQX: ACGAF  |  LON:ACGW  |  Xetra: ACG  |  Bond ISIN: NO0013414565

For more information about ACG, please visit: www.acgmetals.com

SOURCE ACG METALS LIMITED